S&P500 Already in A Bearish Reversal – Elliott wave analysis
Stocks are turning down for the last few sessions, with an aggressive sell-off on SP500 beneath the lower trendline of an ending diagonal which now looks like an impulsive reversal. As such, even more weakness can be seen, but probably after a rally up in wave B or 2.
S&P500, 1h
Once wave A/1 fully develops, a correction as B or 2 may show up, which can look for resistance/bearish reversal at the 3234/3246 level.
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